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FEATURED ARTICLE - SEPTEMBER 15, 2010

Beware of the Credit Repair Pitch

Recession-hammered homeowners' credit scores are on the decline across the country, say scoring industry experts, and that makes more consumers vulnerable to scams that purport to erase delinquencies, judgments, foreclosures and other problems from files at the three national credit bureaus -- Equifax, Experian and TransUnion.

What sort of scams? A Federal Trade Commission settlement in early September with a Florida ``credit repair'' company provides a fresh example. The FTC's complaint against Clean Credit Report Services of North Miami alleged that the firm promised clients it could boost their credit scores dramatically and quickly -- even if the derogatory information in their files was accurate and current.

In national radio advertisements, plus Internet and TV pitches, Clean Credit said it could make records of ``late payments, collection accounts, charge-offs, repossessions and bankruptcies'' simply disappear from credit files, according to the FTC's complaint...Read More

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